By Cecilia Jamasmie
MINING.com
Despite suffering a major setback for its flagship project on Monday, Canadian miner Gabriel Resources hasn’t given up on its massive gold mine in Rosia Montana, Romania, even though it will now cost the firm an estimated US$1.5 billion to bring it into production and cash flow positive.
Delivering its third-quarter financial report Friday, the Toronto-based company said Rosia Montana’s cost is now about $100 million higher than the estimate of US$1.4 billion in October 2012.